Published On: 07/03/2022Categories: Papers Joaquin Lopez Pascual

This paper warns of the need to review the current monetary regime so that the inclusion of financial stability, as an objective that accompanies monetary stability and macroprudential policies, can define a new monetary policy consensus.

The banks are aware that they will be the key to the proposals for a way out of this crisis, but it should also be noted that they can only be so from proposals that really pursue macroeconomic stability, not from those that seem to incorporate a market for settling accounts.

This leading role of the banking system is crucial in the euro zone, as the banking market cannot be truly integrated as long as the banks continue to be implicitly guaranteed by fiscally sovereign national governments.

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